Member Info for jange

First Derivatives: Merchant Securities reiterates buy rating and 605p target.

CVS: Panmure Gordon raises target from 160p to 188p, buy rating unchanged.

CRH: Davy Research upgrades to outperform.

Caretech: Panmure Gordon keeps buy rating and 230p target.

Britvic: Panmure Gordon keeps hold rating and 380p target.

Booker: Panmure Gordon keeps buy rating and 108p target.

AZ Electronic Materials: Goldman Sachs upgrades to conviction buy.

ASOS: Panmure Gordon keeps buy rating and 2,530p target.

Ashtead: UBS raises target from 375p to 400p, buy rating kept.

Positive Points: Management noted that the company was "on track to meet 2012 financial goals" The Wireless division enjoyed 1.8 million retail net additions, excluding acquisitions and adjustments. 4G LTE service now available to more than 250 million people in 419 markets across the U.S. At the end of the quarter, smartphones constituted more than 53% of the Verizon Wireless customers who are billed monthly, up from 50% at the end of Q2, management noted. For full-year 2012, capital expenditures are expected to be lower than 2011 capital expenditures of $16.2 billion. Verizon added 136,000 FiOS Internet connections and 119,000 new FiOS television connections in the period.

Negative Points: The recent coming together of Japan's Softbank and Sprint Nextel provides a significantly strengthened competitor. Verizon's Wireline business is highly exposed to domestic GDP growth and employment as well as to global economic growth. Although the use of smartphones and other wireless devices has flourished, there are now fewer new customers to sign, leaving carriers to entice customers from their rivals. That may incur higher subsidy costs. The company faces fierce competition. Revenue pressure may be seen if they engage in aggressive price wars.

Financial Highlights: Total operating revenues came in at $29.0 billion, an increase of 3.9% compared with the prior year. Diluted or adjusted earnings per share of 64 cents per share reported, a 14.3% increase. For full-year 2012, capital expenditures are expected to be lower than 2011 capital expenditures of $16.2 billion.

Third quarter results: The group's results again saw increased usage of smartphones and data aiding its performance - the group's share price moved marginally higher in early trade. Verizon Wireless delivered the highest number of retail post-paid net additions in four years. Service revenues in the quarter totalled $16.2 billion, up 7.5% year over year. Wireless added 1.8 million retail net connections during the period. At the end of the period, the company enjoyed 95.9 million retail connections, a 5.7% increase year over year. Management noted that "it was on track to meet 2012 financial goals, with capital spending for the year expected to be lower than the $16.2 billion total in 2011." On the downside, the recent coming together of Japan's Softbank and Sprint Nextel of the US provides a significantly strengthened competitor. Sprint last week agreed to sell 70% of itself to Softbank in a $20 billion transaction.

Company overview Verizon Communications is one of the world's leading providers of communications services. Verizon companies rank as the largest providers of landline and wireless communications in the US, serving over 30 million wireless customers. Verizon is also the largest directory publisher in the world. The company operates in over 30 countries in the Americas, Europe, Asia and the Pacific, through four segments: domestic telecom, domestic wireless, International and Information Services. It is also the largest cellular phone provider in the U.S. through its 56% owned joint venture with Vodafone.

Positive Points: Management highlighted that it continues to position the business for growth. Ageing populations and the decline in state-funded and corporate provision of pensions provide attractive opportunities. Historically low interest rates continue to detract from the attractions of traditional deposit saving accounts, with stockmarket related investments providing an alternative. Record AUM of £25 billion were declared. Attention continues to be paid to expanding group success in developing its European distribution. A new sales role to cover German-speaking Switzerland was made earlier in the year, along with an extension of its existing third party distribution agreement in France to French-speaking Switzerland. Jupiter delivered significantly improved net mutual fund flows of £795 million in its third quarter.

Negative Points: A cautious tone was adopted by management. The statement said the group remained cautious in its outlook "given fragile consumer confidence and industry flows remaining vulnerable to any increase in stock market volatility". While the company is expanding into overseas markets, it does not currently benefit from the scale of international intermediary distribution channels enjoyed by other financial groups. Revenues generated in the UK currently account for around 90% of the group's total. At the heart of any asset manager is the investment team. As with any fund management business, there is a risk that if a star manager leaves, investors and assets under management may follow. The Financial Services Authority continues to try and shape the Retail Distribution Review (RDR), launched back in June 2006. Uncertainty surrounding its eventual structure currently sits in the background.

Financial Highlights: Assets under management increased to a record £25 billion in the three months to 30 September 2012. During the period, net mutual fund inflows of £795 million were recorded. Overall net inflows for the quarter were £579 million, held back by the loss of a UK equity segregated mandate and the remainder of a large private client portfolio, reduced initially in Q1.

Interim statement: Jupiter Fund Management reported a £1.6 billion increase in assets under management in its third quarter to a record £25 billion. Net inflows for the period totalled £579 million, with clients in its mutual funds business adding £795 million. These flows were focused towards the cautious, lower-risk funds such as Jupiter's Merlin income, Strategic Bond and Global Convertibles, the fund manager said. Set against this, the announcement showed that inflows were held back by the loss of a UK equity segregated mandate and the remainder of a large private client portfolio, which had been reduced initially in the first quarter. Outlook comments remained cautious with management highlighting fragile consumer confidence and industry flows remaining vulnerable to any increase in stock market volatility.

Company overview Founded in 1985, Jupiter is a UK fund manager with £25 billion of assets under management (as of 30 Sept 2012). The group's core focus is managing assets for retail investors, mainly via unit trusts. In addition, the company also provides investment management services to institutional clients, private clients, investment trusts and hedge funds.

Positive Points: "Overall, financial performance for the half year was in line with our expectations," SABMiller said. Lager volumes in Asia Pacific grew by 5% on an organic basis, while reported volumes grew by 17% reflecting the acquisition of Foster's and other acquisitions in China. In South Africa lager volumes grew by 1%. Volume growth was driven largely by ongoing brand investment combined with a continued focus on customer service. SAB Miller is one of the world's largest bottlers of Coca-Cola products. The group acquired Australian brewer Foster's in December 2011 in a deal valued around US$10 billion, opening a near half share of the Australian beer market. SAB Miller is the world's second biggest brewer by volume after Anheuser-Busch InBev. The group's dividend policy continues to be progressive.